Land Office generates $650 million in past fiscal year

The New Mexico Land Office says it has earned more than $650 million from state trust lands in the most recent fiscal year.

State Land Commissioner Ray Powell attributes the record-setting revenue to higher oil prices and a thoughtful selection of tracts for lease. He says advances in technology have allowed larger volumes of oil to be produced from existing wells.

Renewable energy sources, such as wind and solar power, and commercial leases also contributed to the earnings.

Royalty earnings are paid into the Land Grant Permanent Fund for distribution to public schools and other beneficiaries.

Oil and gas lease sales are deposited into the Land Maintenance Fund, which pays for the office's operating expenses.